Pertaining to city government, as opposed to state or national government. From the point of view of an investor, the municipal government is a very important entity since they are large issuers of tax-advantaged bonds. Municipal governments issue bonds (sometimes called "munis") to raise capital for their day-to-day activities, and for specific projects that they might be undertaking (usually pertaining to development of local infrastructure such as roads, hospitals, etc).

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Municipal bonds are not subject to most forms of taxation, making them a wise investment for scrupulous investors all over the country.

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I had a date at the municipal court and was going to be going there first thing in the morning.

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The mayor and city council of my local city hired my company to build roads, pipes, and sewers for the municipal government and to benefit the local residents.

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